#1CapitaLand Ascott Trust CapitaLand Ascott Trust Investor Presentation March 2023#2Important Notice This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte. Ltd. ("Managers") nor any of their affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of CapitaLand Ascott Trust ("CLAS") is not indicative of future performance. The listing of the stapled securities in CLAS ("Stapled Securities") on the Singapore Exchange Securities Trading Limited ("SGX-ST") does not guarantee a liquid market for the Stapled Securities. The value of the Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by, the Managers or any of their affiliates. An investment in the Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Managers redeem or purchase their Stapled Securities while the Stapled Securities are listed on the SGX-ST. It is intended that holders of Stapled Securities may only deal in their Stapled Securities through trading on the SGX-ST. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Stapled Securities. CapitaLand Ascott Trust Investor Presentation#3Citadines Central Shinjuku Tokyo CapitaLand Ascott Trust Table of Content 01 Overview of CLAS 02 2H/FY 2022 Highlights 03 Portfolio Updates 04 05 Capital & Risk Management 06 Looking Ahead 07 Additional Information Portfolio Valuation#4Overview of CapitaLand Ascott Trust Ascott Orchard Singapore CapitaLand Ascott Trust#5A Leading Global Lodging Trust Constituent of FTSE EPRA Nareit Global Developed Index S$8.0b Total Assets The United Kingdom 4 properties >18,000¹ Units 1051 Properties The United States of America 11 properties1 47 Cities in 15 countries S$3.6b Market Capitalisation Lodging Asset Classes Spain 1 property France 16 properties 57 18 21 9 Serviced Residences Hotels/ Business Hotels Rental Housing Student Accommodation Belgium 2 properties Germany 5 properties Vietnam 5 properties Malaysia 1 property Indonesia 2 properties China 5 properties South Korea 2 properties Japan 30 properties The Philippines 2 properties Singapore 5 properties1 Australia 14 properties Notes: Above as at/for period ended 31 Dec 2022 unless otherwise stated 1. Including Somerset Liang Court Singapore and Standard at Columbia which are currently under development CapitaLand Ascott Trust Investor Presentation 5#6Ten-fold Expansion since IPO Largest lodging trust in Asia Pacific 2006 Started in Pan Asia 2010 First Leap into Europe Total Assets (S$ bil) 12 properties 2.8 1.7 1.7 1.7 1.1 0.8 2015 First Property Acquired in United States 3.6 3.0 3.0 44 4.1 2018 Maiden Development Project in Singapore 2019 Combination with Ascendas H-Trust 5.5 5.3 4.8 4.7 8.0 7.7 7.4 7.2 2021 Expanded investment mandate to include student accommodation • 2022 Entered into c.S$420 mil in investments, including: 6 longer-stay properties in Japan, on a turnkey basis 9 properties from Sponsor, comprising 3 serviced residences, 5 rental housing properties and an additional 45% stake in Standard at Columbia IPO Mar 2006 2007 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CapitaLand Ascott Trust Investor Presentation 6#7Diversified Portfolio With Mix of Stable and Growth Income Streams Proxy to recovery of hospitality sector while remaining resilient against downside risks Global presence across 15 countries, anchored in Asia Pacific Predominantly long-stay lodging portfolio Mix of stable and growth income sources 60% Asia Pacific Total Assets S$8.0 bil as at 31 Dec 2022 19% Europe 21% 50% USA 1. Notes: Management contracts with minimum guaranteed income 2. For the properties on management contracts in FY 2022, excludes master leases CapitaLand Ascott Trust Serviced Residences Portfolio Value by Asset Class as at 31 Dec 2022 Rental housing 32% Hotels & student accommodation 12% Student Accommodation Master leases & MCMGI1 6% Rental Housing Average length of stay Serviced residences & hotels2: c.3 months . • Student accommodation: c.1 year • Rental housing: c.2 years FY 2022 Gross Profit Management contracts of serviced residences and hotels c.59% c.41% Stable Growth Income Income Investor Presentation 7#8Commitment to Sustainability & Corporate Governance Aligned with CapitaLand's 2030 Sustainability Master Plan Global Sector Leader - Hotel in 2021 and 2022 Only hospitality trust in APAC with 5-star rating GRESB Accolades & Awards Ranked 1st in 2021 and 2022 Singapore Governance and Transparency Index REITS and Business Trusts category Best Investor Relations - Gold Singapore Corporate Awards 2022 REITS and Business Trusts category Best Annual Report Best ESG Materiality Reporting IR Magazine Awards - SEA 2022 Mid-cap category Targets in alignment with CapitaLand's Sustainability Master Plan Reduce by 2030 (using 2008 as a base year) " Carbon emissions intensity by 78% ■ Energy consumption intensity by 35% ▪ Water consumption intensity by 45% Increase proportion of total electricity from renewable sources to 35% Green certification ■50% of gross floor area by 2025 ■100% of gross floor area by 2030 CLAS' performance 40% in FY 2021 25% in FY 2021 45% in FY 2021 CLAS' Belgium, Germany and UK properties procure 100% of energy from renewable sources 37% as at Dec 2022, up from 33% as at Dec 2021 " Sustainable Finance Sustainability-Linked Finance Framework published in 2022, with second party opinion by Moody's ESG ■ c.S$460 mil in sustainable financing to date ■ First hospitality trust in Singapore to secure a green loan in Jan 2021 ■ First hospitality trust globally to issue a sustainability-linked bond (SLB) in Apr 2022 ■ Partnered International Finance Corporation to launch its first SLB in the hospitality sector in Nov 2022 Commitment from the Top ■ CLAS Sustainability Committee set up in 2022 ■ ESG targets and performance linked to remuneration of staff and management CapitaLand Ascott Trust Investor Presentation 8#9, Capital and Ascott Trust FEEL FEEL LEEL RELE 3332 3332 2H/EY 2022 Highlights- Lyf lyf one-north Singapore#10FY 2022 Performance and Portfolio Highlights Building a stronger portfolio, delivering higher distributions CLEF Strong recovery from Covid-19 Continued recovery in distribution per Stapled Security (DPS) 5.67 cents +31% 4.32 3.03 Active portfolio reconstitution Augmenting the portfolio with 15 quality, accretive acquisitions • • • FY 2020 FY 2021 FY 2022 Investing c.S$420 mil in 12 longer-stay properties and 3 serviced residences Increasing longer-stay asset allocation from 16% in 2021 to 19%2 >2% increase in portfolio valuation c.S$200 mil in fair value gain due to stronger operating performance and outlook Demonstrating financial strength and discipline Maintained BBB- (stable outlook) investment grade credit rating • Healthy gearing of 38.0% and low average cost of debt of 1.8% per annum Interest cover of 4.4X Strong lender and investor support Refinanced c.S$740 mil of debt in 2022, of which c.S$420 mil was issued as sustainable financing Successfully raised S$170 mil in equity despite challenging market conditions Notes: 1. 2. Refers to rental housing and student accommodation properties Based on property valuations as at 31 Dec 2022, value of acquisitions announced or completed up to 30 Jan 2023 CapitaLand Ascott Trust Investor Presentation 10#11Financial Highlights Distribution per Stapled Security (DPS) rose 47% y-o-y in 2H 2022, lifting full-year DPS to 5.67 cents Notes: 1. 2. Revenue 69% y-o-y to S$353.8 mil 2H 2022 Gross Profit Total Distribution DPS ▲47% ▲ 80% y-o-y to S$164.6 mil ▲ 54% y-o-y to S$113.2 mil y-o-y to 3.33 cents Adjusted DPS1 ▲ 99% y-o-y to 3.00 cents FY 2022 Revenue Gross Profit Total Distribution ▲58% y-o-y to S$621.2 mil ▲63% y-o-y to S$282.8 mil ▲ 38% DPS ▲ 31% Adjusted DPS2 106% y-o-y y-o-y to S$189.8 mil y-o-y to 5.67 cents to 4.79 cents Excluding one-off items comprising (1) divestment gain of S$25.0 mil distributed in 2H 2021 and (2) realised exchange gain in 2H 2022 Excluding one-off items comprising (1) divestment gain of S$45.0 mil distributed in FY 2021, (2) realised exchange gain in FY 2021 and FY 2022 and (3) termination fee income of S$9.8 mil received upon termination of the sale of two China properties in FY 2021 CapitaLand Ascott Trust Investor Presentation 11#122H 2022 Gross Profit Rose 80% Y-o-Y Growth due to 81% y-o-y increase in portfolio RevPAU¹, boosted by contributions from new properties 2H 2022 gross profit rose to 95% of 2H 2019 pro forma levels² 160 Revenue and gross profit rose 69% and 80% respectively in 2H 2022 due to stronger operating performance of the existing portfolio and contributions from new properties 140 120 100 80 60 Excluding the contributions from the new properties, on a same-store basis, gross profit was 67% higher y-o-y Growth income sources contributed 48% of 2H 2022 gross profit (1H 2022: 32%) 4Q 2022 RevPAU1 rose 78% y-o-y and 17% q-o-q to S$155, reaching pre-Covid 4Q 2019 pro forma RevPAU² on continued improvement in occupancy (78% in 4Q 2022) and average daily rates (ADR) All of CLAS' key markets registered q-o-q growth in RevPAU1 • • Japan, Australia and USA had the largest sequential improvement of 98%, 29% and 21% respectively Australia, Singapore, UK and USA performed at pre-Covid RevPAU levels 40 20 Portfolio RevPAU¹ +78% y-o-y S$155 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2H 2022 ▲ 81% y-o-y to S$143 FY 2022 ▲ 74% y-o-y to S$120 Notes: 1. 2. Revenue per available unit of properties under management contracts and management contracts with minimum guaranteed income (MCMGI), excludes master leases, rental housing and student accommodation The combination with Ascendas Hospitality Trust (A-HTRUST) was completed on 31 Dec 2019 and the 2019 pro forma figures include the performance of the A-HTRUST portfolio CapitaLand Ascott Trust Investor Presentation 12#13Resilience from Stable Income Sources Minimum rents and guaranteed income provide downside protection while variable components offer upside in a recovery E Stable income sources¹ contributed 52% of 2H 2022 gross profit (1H 2022: 68%) Master leases • Master lease gross profit grew 6% y-o-y in 2H 2022 mainly due to higher variable rent; of CLAS' 33 master leases, 22 have fixed and variable rent components, and 19 have received variable rent • • Master leases due in 2023 are in France and Australia, and Notes: 1. 2. negotiations are underway Lease expiry for master leases² (as at 31 Dec 2022) 15% 13% 14% 4% 54% 2023 2024 2025 2026 2027 & beyond • • Longer-stay properties (rental housing and student accommodation) Longer-stay properties contributed c.15% of 2H 2022 gross profit Occupancy of the properties remained stable at >95% Student accommodation 99% leased for the academic year (AY) 2022-2023, compared to >95% for the last AY; with above-market rent growth of c.6% y-o-y Turnkey acquisition of 2 Japan rental housing properties (Eslead Residence Bentencho Grande and Eslead Residence Umeda Grande) completed in 4Q 2022 Management contracts with minimum guaranteed income (MCMGI) Operating performance of MCMGI properties have reached or surpassed pre-Covid 2H 2019 levels on continued recovery in Europe Upon its expiry in Nov 2022, the master lease for Ascott Orchard Singapore was converted to MCMGI, which offers greater upside potential for CLAS Stable income sources include master leases, MCMGI, rental housing and student accommodation Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases CapitaLand Ascott Trust Investor Presentation 13#14Diversified Portfolio with Mix of Stable and Growth Income Streams Growth income contribution rose to 48% in 2H 2022 as recovery picked up across markets Contract types with a fixed/ minimum rent component Master leases Management contracts of serviced 25.8% Australia 3.0% France 7.9% Germany 3.2% Japan¹ 5.7% 14.6% Singapore 4.4% 52% South Korea 1.6% Stable 2H 2022 Gross Profit MCMGI 12.0% Income S$164.6 mil Belgium 1.7% 37.8% Singapore 1.3% Spain 1.2% United Kingdom 7.8% Management contracts of longer-stay assets Rental housing Japan Student accommodation United States 5.0% 9.6% residences and hotels Australia China 15.4% 2.3% Indonesia 1.7% Japan 0.6% 48% 47.6% Malaysia 0.4% Growth Philippines 1.8% Income Singapore 5.1% United States 15.5% Vietnam 4.8% 32 8 63 Master Leases MCMGI Management Contracts Note: Excludes 2 properties which are currently under development Note: Figures above are as at/for the half year ended 31 Dec 2022; markets in bold are CLAS' 8 key markets 1. Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease CapitaLand Ascott Trust Investor Presentation 14#15Portfolio Updates JA AABA CapitaLand Ascott Trust Paloma Raleigh (formerly known as Latitude on Hillsborough)#16CapitaLand Ascott Trust's Positioning Committed to delivering sustainable returns to Stapled Securityholders Geographical Allocation Global in Presence, Anchored in Asia Pacific • CapitaLand Ascott Trust Target Asset Allocation Predominantly in Asia Pacific Remainder in Europe/USA Largest lodging trust in Asia Pacific Diversified across 15 countries, Asia Pacific remains core Presence in large domestic markets and key gateway cities Stable Income Base from Longer-stay Lodging Capturing Growth as Travel Restarts 25-30% in longer-stay accommodation Resilient and counter-cyclical assets 70-75% in serviced residences and hotels Beneficiaries of travel recovery Backed by strong sponsor, The Ascott Limited, one of the leading international lodging owner-operators Investor Presentation 16#17Investment & Portfolio Reconstitution Strategy With its healthy financial position, CLAS has the flexibility to reconstitute and enhance its portfolio to drive sustainable returns ODD ODD 000 8 Opportunistic divestments to unlock value Investing in quality hospitality and longer-stay properties at higher yields Development projects and asset rejuvenation to enhance returns · Stable income base: Target to increase asset allocation in longer-stay accommodation to 25-30% in the medium term ➤ Including the acquisitions made in 2022, c.19% of CLAS' portfolio value¹ is currently in longer-stay accommodation • Capturing growth: Pursuing suitable acquisition, asset enhancement and development opportunities Note: 1. Portfolio value is based on property valuations as at 31 Dec 2022, value of acquisitions announced or completed up to 30 Jan 2023 CapitaLand Ascott Trust Investor Presentation 17#18Creating Value for Stapled Securityholders Distribution income from the investments over the past three years more than replaced the distribution income lost from the divested properties Notes: 1. 2. 3. 8 FY 2020 and FY 2021 . c.S$580 mil in proceeds from the • divestment of 6 properties; unlocked S$225 mil in net gains • Divested properties at premium to book despite COVID-19 ODD lopp 000 ODD lopp 000 FY 2021 c.S$780 mil invested across 11 longer-stay properties • Expanded investment mandate to include student accommodation; invested in 7 operational properties and 1 development project in USA within a year • · Acquired 3 rental housing properties in Japan • FY 2022 Entered into c.S$420 mil² in acquisitions across 15 properties • Acquired 3 serviced residences, 5 rental housing properties and additional 45% stake in Standard at Columbia, USA from Sponsor Entered into 6 turnkey acquisitions³ in Japan - 5 in rental housing and CLAS' first student accommodation property in Japan Refers to the total purchase consideration for the student accommodation and rental housing properties, as well as CLAS' investment in Standard at Columbia (comprising CLAS investment in the initial 45% stake, estimated cost of the additional 5% stake which CLAS will acquire at fair market valuation, and other deal related expenses). Refers to the total purchase consideration for the 15 properties As at 31 December 2022, 3 of the turnkey acquisitions have completed, and the remaining 3 are expected to complete between 2Q 2023 and 2024 CapitaLand Ascott Trust Investor Presentation 18#19Growing Footprint in Longer-stay Lodging Expanded investment mandate to include student accommodation in 2021 Expansion of investment mandate into student accommodation 600 Paloma West Midtown, Georgia Paloma University City, Pennsylvania • • Strategically-located properties that serve reputable universities with strong athletics programmes, large student populations and steady enrolment growth Despite border closures during Covid-19, CLAS' student accommodation properties performed well and registered average occupancy of >90% due to USA's predominantly-local student population Average length of stay of c.1 year offers income stability As at 31 Dec 2022, CLAS has 8 student accommodation properties in the USA and 1 in Japan Alpha Square Kita 15 jo Big Palace Minami 5 jo Building on success of CLAS' rental housing portfolio . . Expanding in Japan's growth cities, where demand for rental accommodation outstrips supply Despite Covid-19, CLAS' rental housing properties performed well and registered average occupancy of >95% as they serve Japan's domestic corporate segment Average length of stay of c.2 years offers income stability Low debt funding cost which enhances cash yield As at 31 Dec 2022, CLAS has 21 rental housing properties in Japan; 3 more rental housing acquisitions, acquired on a turnkey basis, are expected to complete by 2024 CapitaLand Ascott Trust Investor Presentation 19#20Acquisition of S$318.3 mil' in Assets to Strengthen Presence in Key Markets Growing total assets and increasing proportion of stable income La Clef Tour Eiffel Somerset Central TD 5 Rental Housing Properties in Japan Additional 45.0% stake in Standard at Columbia QUEST Quest Cannon Hill Acquisition of 3 serviced residences, 5 rental housing properties and additional 45% stake in Standard at Columbia from Sponsor ▲ 3.0% DPS accretion based on 54% debt funding and placement price of S$1.12 Private placement 2.7x oversubscribed and upsized to S$170 mil Placement price at tight discount of c.3.7% to the adjusted VWAP2 c.73% of placement proceeds to partially fund the acquisition and related fees and expenses c.27% (S$45.1 mil) to partially fund future potential acquisitions³ Hai Phong City Stapled Securityholder approval obtained, acquisition completed in 4Q 2022 Notes: 1. 2. Total capitalised costs excluding the outstanding development cost and interest expense to be incurred for Standard at Columbia The adjusted volume weighted average price (VWAP) is computed based on the VWAP of all trades in the Stapled Securities on the SGX-ST for the preceding market day on 12 Aug 2022 up to the time the placement agreement was signed on 15 Aug 2022 and excluding the advanced distribution 3. The balance of the proceeds, if any, shall be used for general corporate and/or working capital purposes CapitaLand Ascott Trust Investor Presentation 20#21Asset Enhancement Initiatives for FY 2023 Uplifting the value and profitability of CLAS' properties To be rebranded as The Robertson House by The Crest Collection Renovation to commence in 1H 2023, expected to complete by end-2023 Refurbishment of guest rooms, lobby, restaurant, gym, function rooms and executive lounge, and other M&E works CapitaLand Ascott Trust Riverside Hotel Robertson Quay Artist's impression of lobby Artist's impression of lounge, The 1823 Reading Room Investor Presentation 21#22Asset Enhancement Initiatives for FY 2023 Uplifting the value and profitability of CLAS' properties Renovation to commence in 2Q 2023, expected to complete in 1Q 2024 Refurbishment of guest rooms, public areas, gym and meeting rooms, and other M&E works CapitaLand Ascott Trust Citadines Holborn-Covent Garden London Artist's impression of guest room Artist's impression of guest bathroom Investor Presentation 22#23Asset Enhancement Initiatives for FY 2023 Uplifting the value and profitability of CLAS' properties Renovation to commence in 2Q 2023, expected to complete in 1Q 2024 Refurbishment of guest rooms, lobby, breakfast area, mezzanine and other M&E works CapitaLand Ascott Trust Citadines Les Halles Paris Artist's impression of guest room Artist's impression of guest room CADRALD LEDHALES-CHAMBRE TIVUS 2 CITACINES LES HAULE CHAMBRE 72 VUE Investor Presentation 23#24Asset Enhancement Initiatives for FY 2023 Uplifting the value and profitability of CLAS' properties Renovation to commence in 2Q 2023, expected to complete in 4Q 2023 Refurbishment of guest rooms, public areas and other M&E works CapitaLand Ascott Trust Citadines Kurfürstendamm Berlin Artist's impression of guest room 14 Artist's impression of lobby Investor Presentation 24#25Rejuvenating the Portfolio with New Developments New product offerings to cater to the new normal Redevelopment of Somerset Liang Court Singapore Development of student accommodation in South Carolina, USA Artist's impression Site progress Site progress Site progress • 192-unit Somerset serviced residence with hotel licence in the popular riverfront lifestyle and entertainment Clarke Quay precinct Development update: • Site works commenced in mid-Jul 2021 • Foundation piling works completed in 4Q 2022 . Substructure works are ongoing • Development expected to complete in 2H 2025 678-bed freehold student accommodation in South Carolina, USA Started as a joint development with Sponsor, The Ascott Limited, and a third-party partner CLAS acquired Sponsor's 45% stake in 4Q 2022 and currently owns a 90% stake in the property Development on track to complete in 2Q 2023, ready to receive students for AY 2023-2024 which begins in Aug 2023 Note: Expected opening dates and property details are subject to change CapitaLand Ascott Trust Investor Presentation 25#26Portfolio Valuation La Clef Louvre Paris CapitaLand Ascott Trust#27Portfolio Valuation Notwithstanding higher capitalisation and discount rates, CLAS recorded a gross fair value gain of c.S$200 mil¹ due to stronger operating performance Country Currency Value of Properties² as at 31 Dec 2022 (local currency) Net Book Value as at 31 Dec 2022 (local currency)³ Variance (%) Australia AUD 1,011.2 942.0 7% Belgium EUR 37.5 39.9 -6% China RMB 1,347.2 1,415.1 -5% • France EUR 410.7 412.9 -1% Germany EUR 158.2 159.5 -1% Indonesia IDR 1,012,356.4 993,268.8 2% Japan JPY 127,646.3 127,110.0 Malaysia MYR 133.7 133.6 Philippines PHP 4,587.6 4,534.9 1% Singapore SGD 1,249.7 1,163.4 7% South Korea KRW 153,000.0 150,250.0 2% >2% surplus over net book value as at 31 December 2022 Despite higher capitalisation and discount rates across markets (except for Japan), the stronger operating performance and improving outlook of the portfolio led to the higher portfolio valuation Key markets with valuation gains include Australia, Singapore, UK and USA Spain EUR 37.5 40.0 -6% United Kingdom GBP 283.7 274.3 3% USA USD Vietnam VND 1,005.9 3,826,695.2 958.2 5% 4,013,714.4 -5% Notes: 1. The fair value gain (net of tax and minority interest) is S$166.7 million 2. Value of properties includes investment properties, investment properties under development, assets held for sale and land and buildings (included under property, plant and equipment); values are stated in millions, with the exception of Vietnam, which is stated in billions 3. Includes the capital expenditure in FY 2022 CapitaLand Ascott Trust Investor Presentation 27#28Capital & Risk Management Somerset Millennium Makati CapitaLand Ascott Trust#29Capital Management Strong financial capacity and healthy liquidity position ($ Strong capital M Robust financing flexibility $ management S$1.15¹ NAV per Stapled Security 38.0% Gearing (c. S$1.8 bil debt headroom²) Interest cover 52% Total assets in foreign currency hedged 2.8% (loss) Impact of foreign exchange after hedges on gross profit for FY 2022 1.8% per annum 4.4X3 61% Low effective borrowing cost of property value unencumbered BBB- (Stable Outlook) Fitch Ratings Notes: Above as at/for period ended 31 Dec 2022 1. 2. 3. 4. The adjusted NAV per Stapled Security excluding distribution is S$1.13 Refers to the amount of additional debt before reaching aggregate leverage of 50%; based on an aggregate leverage limit of 45%, the debt headroom is c.S$1.0 bil The adjusted interest cover ratio, including distributions on perpetual securities, is 3.6X Balances as at 31 Dec 2022; includes committed credit facilities amounting to approximately S$534 mil CapitaLand Ascott Trust Fortifying liquidity reserves c.S$1.43 bil Total available funds c.S$365 mil Cash on-hand + c.S$1,065 mil Available credit facilities4 Investor Presentation 29#30Capital Management Successfully refinanced c.S$740 mil of debt in 2022, of which c.S$420 mil was issued as sustainable financing c.78% 4.0 years 68% 32% Bank loans: Medium Term Notes Total debt on fixed rates Weighted average debt to maturity • S$' mil Managing liquidity risks through diversified funding sources 40% 1,144 14% 402 18% 530 17% 11% 322 489 2023 2024 2025 Note: Above as at 31 Dec 2022 CapitaLand Ascott Trust Bank loans 2026 2027 and after Medium Term Notes Key Highlights Partnered International Finance Corporation (IFC) to launch JPY16.5 bil (c.S$168.6 mil) sustainability-linked bond in Nov 2022, IFC's first in the hospitality sector Effective borrowing cost remained low at c.1.8% Total debt on fixed rates increased from 76% as at 30 Sep 2022 to 78% as at 31 Dec 2022; weighted average debt to maturity extended from 3.5 years to 4.0 years Gearing increased post-completion of acquisition in Nov 2022 but remained low at 38.0% Interest cover improved from 4.3X as at 30 Sep 2022 to 4.4X as at 31 Dec 2022 Investor Presentation 30#31Looking Ahead CapitaLand Ascott Trust Ascott Jakarta#32Managing Macroeconomic and Operational Challenges Impact from headwinds cushioned by mitigation strategies CLAS has built a strong stable income base and invested in counter-cyclical lodging types which have proven their resilience through Covid-19 Strong pent-up demand driven by reopening of more borders for international travel • CLAS has a high proportion of debt effectively on fixed rates, which are locked in for a weighted average of c.4.0 years Relatively low amount of debt (14%, about S$400 mil) due for refinancing in 2023 Recession Concerns Rising Interest Rates • • • CLAS has a geographically diversified portfolio with 12 foreign currencies, and the strengthening of some currencies balances out the weakening of others CLAS adopts a natural hedge wherever possible by borrowing in the currency of the underlying assets Hedging reduces the impact of foreign exchange on CLAS' gross profit Volatility in Foreign Exchange የበ Electricity costs have increased but remain <10% of CLAS' opex and mitigated by higher ADR Some properties have fixed-rate contracts, while properties under master leases receive stable rent and are not directly impacted UK government to provide support until 2024 Long-stay guests have utility caps; rental housing and student accommodation tenants pay for consumption • Go-green initiatives to reduce consumption Rising Electricity Costs • CLAS' predominantly long- stay properties have lower manning requirements and leaner cost structures than the typical full-service hospitality property Guests are offered the choice to opt out of daily housekeeping, and technology-enabled features such as self check-in kiosks have been introduced, to reduce labour requirement Labour Shortages CapitaLand Ascott Trust Investor Presentation 32#33Marrying Growth with Resilience Proxy to recovery of hospitality sector, underpinned by stable income base and strong fundamentals Continued recovery expected for the sector 2022 63% 2023 Forecast 80%-95% of pre-pandemic levels of pre-pandemic levels • . Positioned to benefit from recovery while staying resilient Cautiously optimistic of the continued recovery in the hospitality industry CLAS is well-positioned to capture opportunities with its geographically diversified portfolio, range of lodging asset classes and balanced mix of stable and growth income streams Note: 1. World Tourism Barometer, World Tourism Organization, Jan 2023 CapitaLand Ascott Trust • Despite macroeconomic and geopolitical challenges, UNWTO¹ expects international arrivals to reach 80% to 95% of pre-pandemic levels in 2023 • Supported by pent-up demand, particularly in Asia Pacific, and China's reopening Europe, which recovered nearly 80% of pre-pandemic levels in 2022, is expected to reach or exceed pre-pandemic levels in 2023 • • . Exercising prudence, delivering sustainable returns Amid the macroeconomic uncertainties, CLAS will continue to exercise financial discipline in its investment and portfolio reconstitution plans CLAS will undertake asset enhancement initiatives to uplift the value and profitability of its properties Healthy financial position and prudent capital management enable CLAS to manage rising interest rates and foreign exchange volatility Investor Presentation 33#34Thank You Citadines Connect Sydney Airport CapitaLand Ascott Trust#35Additional Information CapitaLand Ascott Trust 83 LA CLEF 83 LA CLEF TOUR EIFFEL 83 avenue ber La Clef Tour Eiffel Paris#368 Key Markets Performance Revenue (LC 'mil) Gross Profit (LC 'mil) RevPAU (LC) 2H 2022 2H 2021 % Change 2H 2022 2H 2021 % Change 2H 2022 2H 2021 % Change Master Leases Australia AUD 5.6 2.2 155% 5.3 2.1 152% n.a. n.a. n.a. France EUR 10.0 8.6 16% 9.2 8.1 14% n.a. n.a. n.a. Japan JPY 1,041.2 1,028.6 1% 945.3 896.0 6% n.a. n.a. n.a. Singapore1 S$ 8.4 6.6 27% 7.2 5.3 36% n.a. n.a. n.a. Management Contracts with Minimum Guaranteed Income (MCMGI) Singapore1 S$ 3.6 n.m. 2.1 n.m. 437 n.m. United Kingdom² GBP 18.2 9.1 100% 7.7 4.7 64% 157 79 99% Management Contracts (MC) Australia AUD 90.8 41.0 121% 26.7 5.2 413% 148 64 131% China RMB 63.1 58.2 8% 17.9 11.8 52% 283 265 7% Japan³ JPY 1,837.0 1,545.5 19% 912.2 868.8 5% 6,913 4,117 68% Singapore S$ 19.5 5.5 255% 8.4 1.5 460% 128 65 97% USA4 USD 63.5 28.8 120% 29.7 9.7 206% 231 117 97% Vietnam5 VND 262.2 169.0 55% 131.8 85.8 54% 1,244 640 94% Notes: 1. The master lease for Ascott Orchard Singapore was converted to MCMGI from Dec 2022. 2. 3. The management contracts for three of the properties in the United Kingdom were converted to MCMGI from May 2022. For comparison purposes, the revenue, gross profit and RevPAU amounts for 2H 2021 were reclassified from MC to MCMGI. RevPAU for Japan relates to serviced residences and excludes rental housing. 4. RevPAU for USA relates to hotels and excludes student accommodation. 5. Vietnam - Revenue and gross profit figures are stated in billions. RevPAU figures are stated in thousands. CapitaLand Ascott Trust Investor Presentation 36#37Australia Strong performance driven by robust domestic demand, large-scale events provide further uplift Notes: 1. 2. 71 4Q 2021 13% of total assets, 18% of 2H 2022 gross profit: 5 serviced residences (SRs) under master leases; 6 hotels and 3 SRS under management contracts RevPAU (AUD)1 +134% 166 4Q 2022 Management Contracts - SRs & Hotels • 2H 2022 revenue was 121% higher y-o-y and gross profit was 413% higher y-o-y due to stronger performance from both serviced residences and hotels 4Q 2022 RevPAU was 134% higher y-o-y and 29% higher q-o-q at AUD 166, surpassing 4Q 2019 pro forma RevPAU² by 14%, mainly due to strong ADR which exceeded pre-Covid levels Demand was primarily led by an increase in domestic travel, from both leisure and corporate segments, with conferences and corporate events providing a boost More international demand was present in 4Q 2022, facilitated by large-scale sporting and entertainment events such as the 2022 ICC Men's T20 World Cup, and concerts from large international music acts Pertains to the hotels and serviced residences under management contracts only The combination with A-HTRUST was completed on 31 Dec 2019 and the 2019 pro forma RevPAU includes the performance of the A-HTRUST properties CapitaLand Ascott Trust • Outlook for 1Q 2023 remains positive as more large-scale events and concerts, particularly in Feb-Mar, are expected to boost demand further Master Leases - SRs • 2H 2022 revenue and gross profit from master leases were 155% and 152% higher y-o-y respectively, due to absence of rent waiver previously provided to lessees, rental adjustments, and contribution from Quest Cannon Hill acquired in Nov 2022 • Properties continue to collect fixed rent (with annual indexation), providing stable income to the portfolio Investor Presentation 37#38China Outlook improves with easing of travel requirements, long stays provide resilience 249 RevPAU (RMB) +15% 4% of total assets, 2% of 2H 2022 gross profit: 5 SRs under management contracts 287 4Q 2021 4Q 2022 • The Chinese government announced the lifting of all requirements for domestic travel from early-Dec 2022; from 8 Jan 2023, inbound travellers (both foreigners and Chinese nationals) are not required to quarantine and only need to present a negative test result within 48 hours of departure • 2H 2022 revenue and gross profit were 8% and 52% higher y-o-y respectively, mainly due to stronger performance and higher occupancy at the properties . 4Q 2022 RevPAU increased 15% y-o-y and 3% q-o-q to RMB 287, which is 80% of 4Q 2019 same-store RevPAU¹, an improvement from the previous quarter (3Q 2022: 73%) • The q-o-q improvement in RevPAU was despite a surge in local infections towards the end of 4Q 2022, which led to a drop in short stays and transient travel • • • Occupancy remained healthy at above 70% in 4Q 2022; corporate long stays provided a strong base with an average length of stay of c.7 months In 1Q 2023, long stays and project groups will continue to be the primary source of business and provide resilience to the properties, even as caseloads in China remain elevated in the near term, post-easing of restrictions While the Chinese government had temporarily halted short-term visa approvals to South Korean and Japanese nationals, no material impact is expected on our business given the long stay base at the properties Note: 1. Excluding Somerset Xu Hui Shanghai which was divested in May 2021 and Ascott Guangzhou which was divested in Dec 2020 CapitaLand Ascott Trust Investor Presentation 38#39France Strong underlying performance boosted rental income, outlook remains positive 8% of total assets, 8% of 2H 2022 gross profit: 16 SRS under master leases 8.6 Revenue (EUR 'mil) +16% 10.0 2H 2021 2H 2022 2H 2022 revenue and gross profit was 16% and 14% higher y-o-y respectively mainly due to stronger underlying performance resulting in higher rental income, and the acquisition of La Clef Tour Eiffel Paris in Nov 2022 In 4Q 2022, the average occupancy of the France portfolio was healthy at c.80%, with higher ADR surpassing pre-Covid levels in 4Q 2019 • Demand for the quarter reflected a mix of leisure and corporate long-stay and group bookings; no reduction in corporate travel budgets observed thus far • . Citadines Les Halles Paris will undergo refurbishment from 2Q 2023, with the capex largely borne by the master lessee; the property will remain operational and continue to receive rent during the refurbishment Outlook for 1Q 2023 remains positive despite it being a seasonally quieter period; Paris properties are expected to show stronger performance on leisure demand, coupled with bookings from cultural groups and corporate long stays CapitaLand Ascott Trust Investor Presentation 39#40• Japan Strong recovery in 4Q 2022, with positive outlook following reopening to independent travellers 18% of total assets, 11% of 2H 2022 gross profit: 3 hotels and 1 student accommodation under master lease; 3 SRs, 2 hotels and 21 rental housing under management contracts 2,956 RevPAU (JPY)1 +211% 9,192 4Q 2021 4Q 2022 • • Management Contracts SRs • 2H 2022 revenue and gross profit were 50% and 130% higher y-o-y respectively, due to stronger performance as all remaining restrictions on arrivals were eased, permitting visa-free entry to independent travellers from 11 Oct 2022 4Q 2022 RevPAU for SRs was 211% higher y-o-y and 98% higher q-o-q at JPY 9,192, which is 73% of 4Q 2019 same-store RevPAU², an improvement from the previous quarter (3Q 2022: 39%) Performance was driven by strong pent-up international leisure demand, which is expected to carry through to 1Q 2023; cherry blossom season is expected to provide additional uplift from late-Mar to Apr Rental Housing • Average occupancy of >95%, offering stable income • 7 acquisitions were completed in 4Q 2022 and another • 2 turnkey properties expected to complete by 2Q 2023 New turnkey acquisition in Fukuoka for JPY 8.0 bil (S$82.6 mil³) • • • Estimated NOI yield of c.4.0%; estimated DPS accretion of c.1.1% on a 2025 stabilised basis5 To be funded 83% by JPY-denominated debt and remainder by existing onshore deposits No development risk and majority of payment to be made upon deal completion in 2024 Master Leases - Hotels & Student Accommodation Received fixed and variable rent at the hotels; and fixed rent from student accommodation • Pertains to the serviced residences under management contracts only; excludes rental housing properties and Hotel WBF Kitasemba East and Hotel WBF Kitasemba West which are temporarily closed Excluding Somerset Azabu East which was divested in Dec 2020 Based on exchange rate of JPY1 = S$0.01034; the acquisition price of JPY8.0 bil (S$82.6 mil) arrived at on a willing-buyer and willing-seller basis, is based on the agreed value of the property and the independent valuation dated 1 Aug 2022 by Asset Valuation Partners of JPY8.3 bil (equivalent to approximately S$85.8 mil); the acquisition price excludes consumption tax Expected stabilised net operating income yield Notes: 1. 2. 3. 4. 5. Assuming the acquisition was completed on 1 Jan 2021 CapitaLand Ascott Trust Investor Presentation 40#41Singapore Strong performance across all properties, driven by international demand and citywide events 17% of total assets, 11% of 2H 2022 gross profit: 2 SRs and 1 hotel under management contracts; 1 SR under management contract with minimum guaranteed income (MCMGI); 1 SR under development RevPAU (SGD) +178%¹ Includes AOS 691 under MCMGI from Dec 65 2022 4Q 2021 1921 158 4Q 2022 Management Contracts – SRs & Hotel . . . - 2H 2022 revenue and gross profit were 255% and 460% higher y-o-y respectively, due to contribution from lyf one-north Singapore (LONS) which commenced operations in phases from Nov 2021, and full half-year contribution from Riverside Hotel Robertson Quay (RHRQ) in 2H 2022 Properties reflected strong performance driven by international demand from both corporate and leisure segments, with citywide conferences and large-scale events providing a further boost On a same-store basis¹, 4Q 2022 RevPAU for Citadines Mount Sophia Singapore (CMSS) was 178% higher y-o-y as the property transited out of a block booking from Apr 2022 and 8% higher q-o-q at S$192, surpassing 4Q 2019 same-store RevPAU² by 13% • RHRQ will undergo renovation and rebranding to The Robertson House, under The Ascott Limited's (TAL) The Crest Collection brand from 1H 2023; TAL will bear key money and has undertaken to pay a minimum guaranteed income post-renovation Ascott Orchard Singapore (AOS) • Under its master lease which expired in Nov 2022, 2H 2022 revenue and gross profit for AOS were 27% and 36% higher y-o-y respectively, due to stronger performance resulting in the recognition of variable rent in addition to fixed rent Upon expiry, the master lease for AOS was converted to MCMGI, which offers greater upside potential for CLAS Notes: 1. 2. Pertains to CMSS only Excluding Somerset Liang Court Singapore which was divested in Jul 2020 CapitaLand Ascott Trust Investor Presentation 41#42United Kingdom Recovery momentum remains strong, demand boosted by leisure travellers in the quarter 6% of total assets, 8% of 2H 2022 gross profit: 4 SRs under management contracts with minimum guaranteed income (MCMGI) 333 93 4Q 2021 RevPAU (GBP) +80% 167 4Q 2022 2H 2022 revenue and gross profit rose by 100% and 64% y-o-y respectively, on the back of stronger demand with the reopening of borders and recovery of travel 4Q 2022 RevPAU was 80% higher y-o-y and 13% higher q-o-q at GBP 167, which was 22% higher than pre-Covid levels in 4Q 2019 Properties reflected strong leisure demand from both international and domestic sources during the year-end holiday season Steady contribution from corporate and long- stay segments; no reduction in corporate travel budgets observed thus far . Outlook for 1Q 2023 reflects a positive momentum with demand expected to come mainly from corporate travellers and cultural groups, boosted by several small city-wide events Citadines Holborn-Covent Garden London will undergo refurbishment from 2Q 2023; property will remain operational during the refurbishment All properties are under MCMGI; variable income will allow CLAS to enjoy the upside of the strong recovery while the guaranteed income continues to offer downside protection CapitaLand Ascott Trust Investor Presentation 42#43United States Hotels reflect sustained strong demand, with student accommodation contributing stable income 22% of total assets, 25% of 2H 2022 gross profit: 146 3 hotels and 7 student accommodation under management contracts; 1 student accommodation under development RevPAU (USD) +73% 252 4Q 2021 4Q 2022 Management Contracts - Hotels • • • 2H 2022 revenue and gross profit was 98% and 236% higher y-o-y respectively 4Q 2022 RevPAU increased 73% y-o-y and 21% q-o-q to USD 252, exceeding 4Q 2019 RevPAU levels by 3%, on the back of robust demand from all sources, with bookings coming in from both corporate and leisure segments Strong contribution from both international and domestic guests was reflected; several events hosted by New York City in 4Q 2022 provided an additional uplift to the properties Management Contracts - Student Accommodation • For the academic year (AY) 2022-2023, properties are 99% leased, compared to >95% for the last AY, with above-market rent growth of c.6% y-o-y ⚫ For the next AY 2023-2024 which begins in Aug 2023, pre-leasing on a portfolio level continues to be favourable and pacing ahead of last AY • Standard at Columbia on track to complete in 2Q 2023, ready to receive students for AY 2023-2024 Note: 1. Pertains to the 3 hotels and excludes the student accommodation properties CapitaLand Ascott Trust Investor Presentation 43#44* Vietnam Steady recovery led to healthy year-end performance, outlook remains positive RevPAU (VND’000) +98%1 3% of total assets, 5% of 2H 2022 gross profit: 5 SRS under management contracts 1,3401 1,325 678 Includes SCTD which was acquired in Nov 2022 4Q 2021 4Q 2022 2H 2022 revenue and gross profit was 55% and 54% higher y-o-y respectively, mainly due to the strong recovery following the reopening of borders and the contribution from Somerset Central TD Hai Phong City (SCTD) which was acquired in Nov 2022 • On a same-store basis¹, 4Q 2022 RevPAU increased 98% y-o-y and 16% q-o-q to VND 1,340,000, which is 78% of 4Q 2019 same-store RevPAU2 Long stays remained the primary source of business in 4Q 2022, and average length of stay was c.5 months Ho Chi Minh City properties registered an average occupancy of c.90% in 4Q 2022, boosted by strong demand from travellers who were on trips for both business and leisure purposes; MICE events and tradeshows led to a rise in corporate bookings and the proportion of short-stay guests increased Hanoi properties saw a steady recovery in 4Q 2022 and whilst the corporate segment remained the key income contributor, there was a rise in international leisure guests during the year-end holiday season Retail and commercial spaces in CLAS' Vietnam properties continue to be well-leased, offering diversification and a resilient income stream Notes: 1. 2. Excluding Somerset Central TD Hai Phong City which was acquired in Nov 2022 Excluding Somerset West Lake Hanoi which was divested in Oct 2019 CapitaLand Ascott Trust Investor Presentation 44#45Resilience from Stable Income, Capturing Post-Covid-19 Growth Proxy to recovery of hospitality sector while remaining resilient against downside risks Asia Pacific 59.6% Australia 12.7% China 3.7% Indonesia 1.2% Japan 17.5% Total Assets Malaysia 0.5% S$8.0 bil Philippines 1.9% Singapore 17.1% South Korea 2.1% Vietnam 2.9% Note: Above as at 31 Dec 2022. Markets in bold are CLAS' 8 key markets. CapitaLand Ascott Trust Europe Belgium 18.8% 0.8% France 7.9% Germany 3.0% Spain 0.7% United Kingdom 6.4% The Americas USA 21.6% 21.6% Investor Presentation 45#462H 2022 - Financial Performance by Contract Types Stronger performance across all contract types Revenue (S$'mil) Gross Profit (S$'mil) RevPAU¹ (S$) 2H 2022 2H 2021 % Change 2H 2022 2H 2021 % Change 2H 2022 2H 2021 % Change 5% 42.6 40.1 6% n.a. n.a. n.a. Master Leases 47.2 44.8 Management Contracts with Minimum Guaranteed 45.8 23.6 94% 19.7 9.9 99% 214 116 84% Income² Management Contracts 260.8 141.0 85% 102.3 41.2 148% 133 73 82% Total 353.8 209.4 69% 164.6 91.2 80% 143 79 81% • • Master Leases (26% of total GP): Revenue and gross profit increased mainly due to stronger performance from existing properties and new acquisitions. Management Contracts with Minimum Guaranteed Income (12% of total GP): Revenue and gross profit increased mainly due to the recovery from Covid-19. Higher revenue was partially offset by higher staff costs (due to absence of government grant and wage subsidies), property tax expense (due to lower property tax waiver) and operation and maintenance expenses. Management Contracts (62% of total GP): Revenue and gross profit were higher due to new acquisitions and stronger performance across most markets. Higher revenue was partially offset by higher staff costs, operation & maintenance expenses, marketing expense and property tax expense. Notes: 1. 2. Revenue per available unit of properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation. The management contracts for three of the properties in United Kingdom were converted to MCMGI from May 2022. For comparison purposes, the revenue, gross profit and RevPAU amounts for 2H 2021 were reclassified from Management Contracts to MCMGI. CapitaLand Ascott Trust Investor Presentation 46#47FY 2022 - Financial Performance by Contract Types Broad-based improvement in performance across the portfolio Revenue (S$'mil) Gross Profit (S$'mil) RevPAU1 (S$) FY 2022 FY 2021 % Change FY 2022 FY 2021 % Change FY 2022 FY 2021 % Change -2% 86.9 88.3 -2% n.a. n.a. n.a. Master Leases 96.4 98.4 Management Contracts with Minimum Guaranteed 75.4 34.5 119% 31.8 14.5 119% 179 77 132% Income² Management Contracts 449.4 261.5 72% 164.1 70.5 133% 111 68 63% Total 621.2 394.4 58% 282.8 173.3 63% 120 69 74% • • Notes: 1. Master Leases (31% of total GP): Revenue and gross profit decreased mainly due to the absence of contribution from Park Hotel Clarke Quay in Singapore ³ and divestment of 2 properties in 2021, partially mitigated by the contribution from 3 new properties acquired in 2022. On a same-store basis4, master lease revenue was 5% higher y-o-y mainly due to stronger performance in Australia, France and South Korea. Management Contracts with Minimum Guaranteed Income (11% of total GP): Revenue and gross profit increased mainly due to the recovery from Covid-19. Higher revenue was partially offset by higher staff costs (due to absence of government grant and wage subsidies), property tax expense (due to lower property tax waiver) and operation and maintenance expenses. Management Contracts (58% of total GP): Revenue and gross profit were higher due to new acquisitions and stronger performance across almost all markets. Higher revenue was partially offset by higher staff costs, operation & maintenance expenses, marketing expense and property tax expense. Revenue per available unit of properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation The management contracts for three of the properties in United Kingdom were converted to MCMGI from May 2022. For comparison purposes, the revenue, gross profit and RevPAU amounts for FY 2021 were reclassified from Management Contracts to MCMGI. 2. 3. 4. Park Hotel Clarke Quay (now known as Riverside Hotel Robertson Quay) was reclassified from master lease to management contract in 2H 2021 Excluding the divestments in 2021, acquisitions in 2022 and Park Hotel Clarke Quay CapitaLand Ascott Trust Investor Presentation 47#48Acquisitions Entered Into in FY 2022 c.S$420 mil invested in 15 properties No. Property Lodging Type Location No. of units Acquisition date / Purchase price EBITDA/NOI yield target completion date Eslead College Gate Kindaimae Student Accommodation Osaka, Japan 112 Mar 2022 2 Eslead Residence Bentencho Grande Rental Housing Osaka, Japan 120 Dec 2022 + 3 Eslead Residence Umeda Grande Sagisu 5chome 5 Hakata Property Rental Housing Osaka, Japan 70 JPY10.4 bil (S$125.0 mil) c.4.0% 1 Dec 2022 Rental Housing Osaka, Japan 108 2Q 2023 Rental Housing Fukuoka, Japan 247 2Q 2023 6 La Clef Tour Eiffel Paris Serviced Residence Paris, France 112 3.7% 7 Quest Cannon Hill Serviced Residence Brisbane, Australia 100 6.5% 8 Somerset Central TD Hai Phong City Serviced Residence Hai Phong City, Vietnam 132 3.2% / 9.7%² 9 House Saison Shijo-dori Rental Housing Kyoto, Japan 190 10 Marunouchi Central Heights Rental Housing Nagoya, Japan 30 S$215.2 mil Nov 2022 11 S-Residence Gakuenzaka Rental Housing Osaka, Japan 58 4.1% -5.0% 13 23 12 S-Residence Namba Viale Rental Housing Osaka, Japan S-Residence Shukugawa Rental Housing Hyogo, Japan 116 33 Standard at Columbia 14 Student Accommodation Columbia, USA 247 5.0%³ (additional 45% stake) 15 Rental Housing Property Rental Housing Fukuoka, Japan JPY8.0 bil (S$82.6 mil) c.4.0% 1 2024 Notes: 1. Expected stabilised NOI yield 2. Based on the historical pre-Covid-19 EBITDA levels in 2019 3. Refers to the stabilised EBITDA yield on cost, based on JLL's valuation report; the cost of development is based on the agreed property value of the property plus outstanding construction cost and capitalised interest expense for the development CapitaLand Ascott Trust Investor Presentation 48